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Budget announcement to tackle dirty money will help law enforcement take on corrupt elites

Responding to the Budget announcement of a new ‘economic crime levy’ on firms subject to the Money Laundering Regulations, Rachel Davies of Transparency International UK said:

“We welcome the Government’s commitment to intensify Britain’s efforts to tackle economic crime. When taking on those with deep pockets and powerful allies, you need all the resources you can get. This contribution should help provide law enforcement with further confidence to take on those corrupt elites who have sought impunity on our shores. 

“Pick any big corruption scandal in recent decades and you’re almost guaranteed to find it was assisted by someone in the UK or its offshore financial centres. Lawyers, estate agents and even those in unregulated sectors such as education have offered a range of services which have helped some of the world’s most corrupt launder both their cash and credibility. More must be done to ensure there is no one willing to  help or hide their crimes.  

“Whether at home or abroad, corruption undermines Britain’s security and prosperity. Whilst additional funding is welcome, the UK should go further and introduce a failure to prevent economic crime offence to ensure that money laundering committed on behalf of large corporates can be prosecuted.

Notes to editors: 

  • From the Government’s Budget briefing available here: “The government intends to introduce a levy to be paid by firms subject to the Money Laundering Regulations to help fund new government action to tackle money laundering and ensure delivery of the reforms committed to in the Economic Crime Plan.1 These reforms will help safeguard the UK’s global reputation as a safe and transparent place to conduct business. The levy will be additional to ongoing public sector funding. The government will publish a consultation on the levy later this spring.”
  • Transparency International UK analysed over 400 corruption cases spanning 116 countries amounting to economic damage in excess of £325 billion. We identified almost 600 firms and institutions offering services – often unwittingly – to corrupt individuals. The findings can be found here.
  • Companies and institutions subject to money laundering regulations include banks, law firms, accountants, and other professions.

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Read 94 times Last modified on Wednesday, 11 March 2020 17:43

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